My First Car -Money matters when buying a car!

by Emily Educator⋅ October 25, 2018

CARS-R-US, Business Manager Jamie Williams speak on "Money Matters" when buying a car.

IF YOU’RE BUYING A CAR YOU WILL NEED MORE THAN MONEY!

I know it would be awesome to walk into a car dealership, pick out the perfect car, and drive away. BUT there is a thing called “paying for your car” and yes, my dreamers, that takes money or good credit — two things the majority of first-time youth buyers don’t have!

Not to worry, some of the Teens Now Talk team sat down with Jamie Williams, Business Manager of CARS-R-US, and gained powerful information that will help you get one step closer to your FIRST CAR!

What do I need to get financing?

You must be 19 years old and have established some credit and be on your current job for a minimum of three months. Most first-time buyers will require a parental co-signer, so before you start looking you should have this discussion with your parents and let them know your plan.

What financial tips will help me build a good credit rating?

You should try to start building credit and use it wisely. Start with a low-interest-rate credit card; you must use it and pay on it frequently. Just having the credit card and not using it will not establish a credit history. Try hard to have a $0 balance at the end of each month. A car loan is usually the first big purchase for anyone. The bank will do a credit check to take a look at how strong your credit is and base their decision on 1. Your credit report 2. Your job stability 3. Your income and how much you can afford.

Why should you do financing with an auto dealer vs. the bank?

The automotive industry, as a whole, has a lot more buying power than an individual. The banks have set up separate divisions. As a finance manager for a car dealership, I am a representative for each of the banks we deal with. We are able to offer the customer the absolute best interest rates and terms available for their purchase.

Start dreaming, visit www.carsrus.ns.ca and select the car that is in your budget and calling your name.

Purchase new or used?

“If you decide to purchase a vehicle from a car dealership vs. private sale, be sure to ask for a CARPROOF or CARFAX report to make sure the vehicle has not been in a previous accident, or that the current owner still owes money on a loan for the vehicle,” says Business Manager Jamie Williams.

“Take a trusted friend or relative with you when making your purchase as they may think of things to ask that you have not thought of,” she adds. “Sometimes it is easy to get caught up in the excitement, which of course it should be. It is an exciting purchase!

Take advantage of the $500.00 coupon…every dollar counts!

THANK YOU EVERYONE FOR READING OUR ARTICAL.

WE DO HOPE YOU ARE NOW IN A GOOD POSITION TO BUY YOUR FIRST CAR. REMEMBER KNOWLEDGE IS POWER!

Enjoy using your $500.00 off coupon on your first car at Cars R US. Tell them some awesome teens sent ya!